ValueClick Inc. reported better-than-expected second quarter earnings and revenue. But shares fell 15 percent Wednesday morning on the online advertising company’s poor outlook and an analyst’s downgrade.

After the markets closed Tuesday, the Westlake company reported net income $14.9 million (17 cents a share), compared with $16.5 million (17 cents) a year ago. Revenue fell 18 percent to $130 million. The flat per share figures reflect a reduction in outstanding shares.

Excluding one-time items, earnings were 23 cents per share. Analysts surveyed by Thomson Reuters on average expected adjusted earnings of 14 cents per share on revenue of $128 million.

“The second quarter is another example of how ValueClick’s diversified portfolio of performance-based online advertising offerings is driving strong financial results in a challenging macroeconomic environment,” said Chief Executive Tom Vadnais in a statement. The company’s products include Commission Junction, Mediaplex and PriceRunner.

The company said it expects third-quarter revenue of $125 million to $130 million and earnings per share of 13 to 14 cents. Analysts were expecting 19 to 20 cents per share. CitiGroup downgraded the stock from hold to sell.

Shares were down $1.74, or 15 percent, to $9.89 in midday trading on the Nasdaq.